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Level 1
posted Oct 30, 2024 12:45:40 PM

Roth contribution in retirement

I retired in Dec. 2023 and the only income in 2024 was Social Security, another retirement plan, and unemployment. I have money in a Regular Savings account I would like to invest. Can I start a Roth and Deposit the Annual Maximum in 2024?

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1 Best answer
Employee Tax Expert
Oct 30, 2024 12:52:59 PM

Hello 69TransAm,

 

Unfortunately, you cannot contribute to ROTH IRA if you do not have any earned income. SS, pension and unemployment do not count as earned income. If you are married and your spouse has income, you can use that income to contribute to ROTH if qualify. 

 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

 

1 Replies
Employee Tax Expert
Oct 30, 2024 12:52:59 PM

Hello 69TransAm,

 

Unfortunately, you cannot contribute to ROTH IRA if you do not have any earned income. SS, pension and unemployment do not count as earned income. If you are married and your spouse has income, you can use that income to contribute to ROTH if qualify. 

 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!